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Start-up Q&A: Novativ

By 2Pears, May 6 2012 2:04PM

1. Describe your business in one sentence?

Novativ is the first completely interactive taxi media solution that engages the passengers rather than ‘captivating’ them and is suitable for taxi/mincab companies who genuinely care about their passengers.

2. Why did you set-up your own business? What made you decide to start your own business?

Because we saw an opportunity to make a taxi media which works. We also have experience in the space as we’ve built smaller networks and advised big clients (British American Tobacco, Carrefour and others) on digital signage strategies

3. When did you open for business?

About a year ago

4. What were the key elements you thought about/explored before starting your venture?

We explored what the competition does. We also thought carefully about a clean user interface that would be visually pleasing and engaging. We also thought about building an open system that would allow us to pivot easily in case we discover we need to.

5. How many clients/users do you have now?

None.

6. How is your business funded?

At the moment – friends and family

7. How did you get involved in the music-tech digital out of home business?

We have experience in the space from previous projects.

8. What has been the best business move you’ve made?

Having different teams for markets in different countries.

9. What has been the biggest challenge to date?

Regulations and licensing in the UK.

10. What key factors will make/have made your company successful?

Proving our model and showing that we can engage people in minicab cars.

11. What are your plans for the future of the company?

We are getting through a long licensing process, raising capital and trying to sneak in front of advertising executives to sell them on the idea

12. Is there a particular idea that you have been excited about in the market place that you wish you had come up with, or helped develop?

13. What interests you about the entrepreneurship scene right now in London, the UK, and Europe?

There is a great community here of entrepreneurial people.

14. What advice do you have to offer other prospective or existing entrepreneurs?

Don’t listen to everybody.

15. What can the government do better to foster innovation and entrepreneurship?

Simplify bureaucracy.

16. In one sentence, how do you go about making a 4.5 times return on investment?

We work with very low costs both in terms of investment needed, running costs and production of content (we have designers and coders in low-cost destinations) and we will sell ad space at great margins and very competitive rates.

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